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$COTRP short squeeze play. STOCK IS SHORT ON SHARES!
$COTRP are left over bonds from JC Penney Corp with a face value of $25.
There is some great news coming. It will be exiting from JCP and be repackaged with the same dividend pay after the IRS form 8937, Report of Organizational Actions Affecting Basis of Securities is released.
COTRP link https://investorshub.advfn.com/boards/board.aspx?board_id=38309
So that means we just wait for redemption day...?
The bonds were broken up and packaged into three or four classes I think, and then were renamed Baby bonds. The principal would be the amount the bond was issued at back in 1999.
Was the premium wiped out because of bankruptcy? Are we sure it isn't included?
I received this today after calling about the message in my account
I wonder what happened to the cash that was supposed to be used to pay the dividends? It was suspended, but the trustee could have still issued a dividend payout, but less than the $1.91 or 7.625% paid out annually.
There is an an acceleration clause [section 6.1, 6.2], in the event of a default, that bond holders are allowed to seek up to face value + interest.
Wonder what that means for people who own a small block of COTRP?
I have some unsecured notes of JCP (The junior bonds). The wording of the approved reorg plan says I shall receive up to the full amount of unsecured notes claim, its pro rata .. etc etc. unless I choose a less favorable pay-out arrangement.
What does that mean exactly? Since my bonds are an unsecured credit notes class, I filed a claim, for the total value of the bonds (approximately $50,000).
Does this mean I get the full amount of my claim + pro rata + earn out?
Each Holder of an Unsecured Notes Claim shall receive, up to the full amount of such Holder’s Allowed Unsecured Notes Claim, its Pro Rata share of any portion of the $750,000 of Cash distributed to the Unsecured Notes Trustees on the Effective Date remaining after the application of such Cash to the indemnification claims of the Unsecured Notes Trustee pursuant to the Unsecured Notes Indentures, plus its Pro Rata share (taken together with the Second Lien Notes Claims and General Unsecured Claims) of any Cash remaining in the Wind-Down Reserve once all Allowed Claims entitled to payment therefrom have been satisfied, no Disputed Claims that may be entitled to payment from such sources remain to be adjudicated, and all First Lien Claims have been satisfied in full, plus its Pro Rata share (taken together with the Second Lien Notes Claims, and General Unsecured Claims) of the Unsecured Claims Earnout Pool.
I believe that is correct in that the COTRP bonds are valued at @ $12.50 which has been a consistent number being passed around. A few minute cents at a 20 cent bargain is not something someone is going to balk over.
COTRP did hit 99% today, if that is any indication!!!!
Is this good, bad, reasonable, etc to the $25 face value of bonds specifically the 7.625% 2097 bond due 3/1/2097? That's a HUGE amount of interesting which was why so may were bought.
Mr P I hope you a speedy recovery. No coughing or sneezing for 2 or 3 months.
My heart goes out for you
COTRP full recovery exceeds $25 a share. The highest it traded was around $31 a share, and averaged about $25.7 a share.
Because it is a 3rd party corporate backed bond, it makes me wonder. It was designed never to fail, and the worst case scenario was to call the bond at face value of $25 a share, and refinance the interest at a lower rate from 7.625%.
Now what did the agreement say!! First through Third Tier get 100% or more, and COTRP was arguing for full value as well.
They got something.....!!
$$$COTRP$$$ A deal has been reached. Goldmine!!!
A deal has been made with the Unsecured Credit Committee!
November 2nd 2020
UPDATE
We have learned this morning that the Debtors and the DIP Lenders have reached a settlement resolving the First Lien Minority Group’s objections to the sale and the plan.
The Debtors have also reached a settlement agreement with the UCC. We do not have the details of either settlement at this time.
In order to document the agreements and prepare a revised sale order, the Debtors have requested that the sale hearing scheduled for today be continued until November 9, 2020.
We will continue to monitor any developments and update further when possible.
Sincerely,
Niko Celentano
Chairman
JCP Ad Hoc Equity Committee
Not yet. It could, but that shareholder email did not elaborate what the agreement is. So I think that is why the market has not yet reacted.
Both sides have agreed that UCC gets nothing? $5M? $100M? $500M?
What about today's notification that the UCC and Debtors have reached an agreement? Will this have an effect on the bonds?
Short??
I'm just going to guess, 25 mil @ around .037 cents isnt that far from a million bucks..................................
And look at the volume. Huge.
You are absolutely insane now smiling?????????????????????????
Explain how everything is great when we are down over 50%. Camille Sebaaly said "nothing is wrong" and now everything is great?????
The only thing great is a tax write off in case I get a 10 bagger from something else to offset losses here!
If penny can cause that kind of destruction to share price then kudos to him.
However I think he has reiterated with obsessed passion what some of us already knew from public filings and are tired of hearing it. Can love the guy and hate the guy. 60 million shares traded and over 50% or more of profits wiped from our portfolios isnt because of one pereson.
Something more substantial occurred and maybe he knows something we do not
Holding some but sold thinking I might average down but I can't tell where the bottom is, we double bottomed today.
Sunshine, you have explaining to do and stop hiding.
Col317 said after speaking to the sunshine CFO that
"I told him that many companies have come forward. I expected him to say something like... we’re trying our best, but nope... it was something like saving the best for last."
Saving the best for last killed every share holders gain. I don't think one person is UP right now. The stock went down over 50% after that and the week is only beginning.
NOT ONE person has a profit left.
EXCEPT the PPP employees who bamboozled the US SBA PPP loan program!
I called the number listed and it is a recorded message in French
They don't seem willing to talk right now
I saw the PPP stuff only yesterday. The residential addresses of all 3 are in Canada on the reportings filed with the SEC.
I have to see that as a major red flag when a foreign company out of Canada where the 3 employees reside take out a free PPP loan that they literally don't have to pay back as long as the PPP is used to pay the employees.
It literally states right on SBA's website that your principal primary residential address must be in the USA.
That means simply you must live and work in the United States for your foreign employer to be eligible.
I saw the PPP stuff only yesterday. The residential addresses of all 3 are in Canada on the reportings filed with the SEC.
I have to see that as a major red flag when a foreign company out of Canada where the 3 employees reside take out a free PPP loan that they literally don't have to pay back as long as the PPP is used to pay the employees.
It literally states right on SBA's website that your principal primary residential address must be in the USA.
That means simply you must live and work in the United States for your foreign employer to be eligible.
Covid stocks are all over the SEC radar to prevent them from scamming investors and it looks HIGHLY likely SBFM filed a fraudulent Paycheck loan meant for the AMERICAN WORKER, not CANADA workers.
You just cannot work and live in Canada and take money from the United States government. That is ILLEGAL and a FRAUDULENT MONEY GRAB
It would not surprise me if this got suspended to be investigated.
PPP applicants and lenders may consider IRS regulations (26 CFR § 1.121- 1(b)(2)) when determining whether an individual employee’s principal place of residence is in the United States.
https://www.sba.com/funding-a-business/government-small-business-loans/ppp/faq/principal-residence-guide/
Not good for shareholders. Fraudulent money grab.
And someone stated they got one in Canada as well but I did not see that in the 10Q or the second one that was corrected.
Look here for proof. The original 10Q was butchered so badly the CFO had to make an amendment, where they included the US PPP Loan in the second 10Q (the newest one)
https://sec.report/Ticker/SBFM
https://www.sba.com/funding-a-business/government-small-business-loans/ppp/faq/principal-residence-guide/
Re: They did get the Canada one as well, cmon... you people need to read more and do more DD rather than listen to random iHubbers talking out their arse...
This is going to moonshot - that’s why investors make more than traders...
$SBFM
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If this is true, SBFM double dipped. A paycheck loan in both CANADA and the USA????????
It is FRAUD to file a US SBA PPP loan if you live outside the USA.
You did not include the last part, employees of foreign companies are eligible ONLY IF their PRINCIPAL ADDRESS is in the USA.
They do not qualify, all 3 registered their principal residential in CANADA.
Where does it say they also got the Canada pay loan ? Have link? Isn't that double dipping? Might be a loophole if they did, but that's bad karma.
United States PPP is only for people who live in the USA and NOT Canada (no offence).
My understanding is Canada has its own financial relief program. Why didn't they use that or any grant money since that is where they all live? Why suck it out from the US government illegally and fraudulently....?
I think Camille must be a CFO goofball. Seriously. I think he messed up real bad.
It would be a valid PPP IF they lived in the usA! They must have thought having a shell was enough but that is NOT the case and the 10Q said it was for Sunshine BioPharma. No mention of Nox.
10Q Amended: On April 27, 2020, the Company received a Paycheck Protection Program loan They would have to file another amendment at this point, but they can't, it is past the allowable time frame....
No, Norm owned more than any corporate officer at those levels, which made him an insider until Friday according to your post.
He could have got any information he wanted, including patent or anything else.
That will need to be addressed because it is provable FRAUD!
That's REAL bad! He was part owner and then sold out on FRIDAY?
Someone please confirm we have a filing or application number!! That is not NDA otherwise this is a bunch of fluff PR that can't be proven for 18 months
" The USPTO keeps patents NDA for a period of 18 months starting from the earliest effective application filing date and makes various other publications concerning the patents after this 18 month waiting period. "
If that what everyone mean by NDA than that really blows.